Hard Money Loans Explaination

[Will Biestek]

Hello Bigger Pockets world. I was hoping someone can help breakdown what a hard money loan would look like. I know that every deal is different and everything can be negotiated but how does a hard money loan generally work? For example: $100,000 @ 12%. Are there monthly payments? If so, when do they start? Do I simply take $112,000 of profits and pay it as a lump sum back to the lender? Any tips or discussion would be greatly appreciated.